AMD shares extend their advance on Monday, leading gainers on the S&P 500 index.
Advanced Micro Devices Inc. shares were rallying for a third day in a row Monday, leading gainers on the S&P 500 index.
The... Advanced Micro Devices Inc. shares were rallying for a third day in a row Monday, leading gainers on the S&P 500 index. The only obvious catalyst was a Thursday report that AMD was working with Microsoft Corp. MSFT to develop an in-house chip to handle AI workloads and work on AMD’s own offerings. Microsoft, which has relied mostly on AMD’s larger rival Nvidia Corp. NVDA for its data-center needs, has already invested billions of dollars into OpenAI, the company behind the popular ChatGPT generative AI.
In its own earnings report, Microsoft disclosed that it is increasing capital-expenditure spending to lean into AI offerings through its Azure cloud-computing service. Chief Financial Officer Amy Hood said in a conference call that capital expenditures reached $7.8 billion in the fiscal third quarter, more than a billion dollars higher than the $6.57 billion expected by analysts, according to FactSet.
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